The fund-of-funds actively invests in one or more iShares ETFs that provide broad exposure to debt securities, including government and corporate bonds of any credit quality from around the world. The fund uses a proprietary portfolio optimization process to estimate an efficient portfolio with a total volatility level consistent with a broadly diversified portfolio of Canadian bonds. The optimization process estimates an efficient portfolio with a targeted average yield to maturity ranging between +50 and +100 bps above the FTSE Canada Universe Bond Index. The fund limits high-yield securities to 25% and its exposure to interest rate risk by maintaining duration to less than five years. As an actively managed fund, the portfolio managers can analyze market and financial data to make buy, sell, and hold decisions at their discretion. The fund may also invest in derivatives.